Minutes - 02/29/2012 - Firefighter's Pension Fund BoardMINUTES OF A SPECIAL MEETING OF THE BOARD OF TRUSTEES
OAK BROOK FIREFIGHTERS' PENSION FUND
FEBRUARY 29, 2012
A special meeting of the Board of Trustees of the Oak Brook Firefighters' Pension Fund was held on
February 29, 2012 at 9:00 AM at the Butler Government Center, West Wing conference room at 1200
Oak Brook Road, Oak Brook, IL 60523 pursuant to notice, a copy of which is attached to their
minutes.
CALL TO ORDER BY PRESIDING OFFICER
President Michael Erickson called the meeting to order at 9:05 AM
ROLL CALL
Upon roll call the following answered:
Present: President Michael Erickson, Trustee /Treasurer Sharon Dangles, Trustee Mark
Fleishman, Trustee Timothy Schlindwein, Secretary John Fagan (arrived later)
Absent: none
Also Present: Becky Davis of Lauterbach & Amen, LLP (L &A)
PUBLIC COMMENT - none
APPROVAL OF THE PRIOR MEETING MINUTES
a. January 30, 2012 regular meeting minutes: The Board reviewed the prior meeting minutes as
presented in the board meeting packet. A motion by Schlindwein to approve the January 30,
2012 minutes as presented, second by Fleishman. Motion unanimously carried by voice vote.
2012 ACTUARIAL RESULTS
The Board reviewed the 02/07/2012 Actuarial Valuation Results presented in the board meeting
packet; noted the 12/31/2011 year end paperwork incorporated into the actuarial valuation and
discussed the assumption results prepared by Tim Sharpe, Actuary. The Board noted the $1,064,897
tax amount from the Village; the Village allocates funds from sales tax revenue to cover its pension
obligations.
John Fagan arrived, from an ambulance call, and joined the meeting at 9:21 AM
The Board reviewed the historical investment performance 1993 — 2001 as prepared by Sharpe. The
Board agreed that the chosen variables are in line with fiduciary responsibility to the Fund and due
diligence has been met. The Board discussed proposing a combined meeting with the Village officials
and both Fire and Police Pension Boards for discussion of a sound funding policy strategy and options
for presentation. A motion by Schlindwein to authorize and direct Tim Sharpe to complete the
December 31, 2011 actuarial report using data from column 4 or option #3 assumptions (EAN,
100% amort., 29 year amort.), second by Fleishman. Roll Call Vote: Erickson — yes, Dangles —
yes, Schlindwein — yes, Fleishman — yes, Fagan — yes. Motion unanimously carried.
The Board discussed the Municipal Compliance Report (MCR) prepared by L &A and requested
further explanation and possible renegotiation of the cost; Davis will follow up with Nathan Gaskill to
discuss this further with Dangles.
The Board interjected a training note; Erickson and Fagan will be attending the IPFA seminar on
04/27/2012.
a. RFP for Actuarial Services: The Board reviewed the actuarial candidates and the sample actuarial
RFP prepared by David Russell of IPS, as presented in the board meeting packet. The Board
discussed the RFP and made some revisions, selecting Tepfer, Foster & Foster, L &A, Goldstein,
MWM and TWS as candidates. A motion by Fleishman to present the amended RFP to the six
selected actuarial candidates to solicit their proposals, second by Erickson. Motion
unanimously carried by voice vote.
b. Fiduciary Liability Insurance renewal: The Board discussed the impending Ullico renewal on
04/30/2012 for Fiduciary Liability Insurance and the premium amount. A motion by Fagan to
authorize payment for the renewal of the Fiduciary Liability Insurance policy, not to exceed
10% over the $3,978 cost from last year, second by Dangles. Roll Call Vote: Erickson — yes,
Dangles —yes, Schlindwein —yes, Fleishman —yes, Fagan —yes. Motion unanimously carried.
c. Kyle Matousek's application: The Board discussed the pension application received from Kyle
Matousek; the Board will sign his application indicating the Board's acceptance.
NEW BUSINESS
a. Approve retirement application for Mark Bahnsen: The Board discussed the retirement application
request received from Mark Bahnsen effective 03/31/2012; the Board will follow up with Bahnsen
to direct him to the L &A website to obtain, complete and submit his retirement form to L &A for
proper calculation of his retirement benefits. A motion by Fleishman to authorize approval of
Mark Bahnsen's retirement application and begin benefit payments in April, subject to
review at the April meeting, second by Dangles. Roll Call Vote: Erickson — yes, Dangles —
yes, Schlindwein — yes, Fleishman — yes, Fagan — yes. Motion unanimously carried.
Next regular board meeting scheduled for April 26, 2012 at 9:00 AM
ADJOURNMENT
A motion by Schlindwein to adjourn the meeting at 11:11 AM, second by Fleishman. Motion
unanimously carried by voice vote.
Respectfully submitted,
Attest: Michael Erickson, President
John Fagan, Secretary
Minutes prepared by Pension Services Administrator, Becky Davis